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« Will Putin's Next Step Be To Sell Gold? | Main | To save itself, Greece must exit the euro »

Federal Reserve Says It Will Be ‘Patient’ on Interest Rate Timing


WASHINGTON — Janet L. Yellen, the Federal Reserve chairwoman, said Wednesday that the Fed still plans to start raising interest rates next year, but it will be patient and does not expect to begin the process any earlier than April.

Ms. Yellen’s remarks, and a statement issued by the Fed’s policy-making committee, both emphasized that the Fed’s intentions have not been shifted by recent economic events including stronger job growth and plummeting oil prices.

“The committee considers it unlikely to begin the normalization process for at least the next couple of meetings,” Ms. Yellen said.

In response to a question, she said that “a couple” meant the two scheduled meetings in January and March, meaning that the first possible move would not come until late April at the earliest.

Financial markets, which have been on a roller-coaster ride in recent days, were generally cheered by the Fed’s announcement, sending the major indexes up roughly 2 percent late in the trading day.

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Note that on this news the dollar jumped and gold fell.


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